Oil prices declined further, trading around multi-month lows today in the Asian market and this situation is becoming alarming now. The U.S. West Texas Intermediate was seen trading at $43.48 per barrel, while Brent crude traded at $45.96 a barrel. On Tuesday, the American Petroleum Institute stated that U.S. crude stockpiles edged lower than forecasts. Investors should follow the U.S. crude oil inventories report, due at 14:30 GMT today, to get a clear picture of what to expect from the commodity.
In his speech, the chancellor Philip Hammond stated that a Brexit deal that “puts jobs and prosperity first is the only way UK will be able to deliver the strong growth.” BoE Governor Mark Carney, on the other hand, argued that interest rates should remain at a record-low amid Brexit negotiations. Today, the U.S. Existing Home sales report for May is due for release at 14:00 GMT and this data is a key indicator for the overall economic strength of the United States.
The Reserve Bank of New Zealand will communicate its Interest Rate Decision later at 21:00 GMT today and it will also present its Rate Statement at that very time. The Australian and the New Zealand dollars traded lower today ahead of these events, and as such, the NZD/USD dropped 0.18 percent to trade at the 0.7228 level.
Japan’s Nikkei 225 reached a record high of 20293 points at 03:00 UTC after a rebound in U.S. hi-tech shares, yesterday. However, it started tumbling gradually on the market and as from 15:00 UTC, it was dragged by several pullbacks till 18:00 UTC at the 20182 level. Today, it started losing momentum from the very beginning at 01:00 UTC and may fall further in the next few hours.
Since yesterday’s early trading hours, this asset was seen recording a downtrend. It recorded a huge set of pullbacks starting from 09:00 UTC at the 85.023 level to close this bearish trend by 15:00 UTC at the 84.417 level. Today, it slowed down around 02:00 UTC and it was last quoted on a bearish candle at the 84.090 level at 04:00 UTC. It is expected to fall further in the following hours.
On Tuesday, the international benchmark, Brent Crude futures recorded a huge set of pullbacks as from the $47.08 level at 09:00 UTC to reach its lowest level since the beginning of this week at the $45.56 level by 14:00 UTC. Today, around 02:00 UTC, it was seen down by 0.2 percent as it traded at $45.91 a barrel. Consider trading this commodity below the $50 per barrel level for this week.
Consider trading the Brent crude oil-apr16, light sweet crude and the Gold vs Oil pair once these are made available on the trading platform.
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